Last Will and Testament – This document allows you to direct where your belongings (real estate, tangible personal property, bank accounts, etc.) will go upon your death, instead of allowing the state to make that determination for you. It must be properly witnessed in accordance with Florida Statutes to be valid.
Durable Power of Attorney (DPOA) – An extremely important and powerful document which allows your chosen “attorney-in-fact” to handle myriad of financial and legal matters on your behalf. This document is crucial in avoiding unwanted guardianship proceedings should you become mentally incapacitated.
IMPORTANT TIP: Do not let your DPOA become “stale.” Many financial institutions will not accept a DPOA that is over one (1) year old. This is because the older your document becomes, the greater the possibility that a revocation of the document has occurred. Financial institutions are just not willing to take that chance.
Health Care Surrogate Designation – Chose the person (s) who you trust the most to make educated medical decisions for you when you are unable to make them yourself. Don’t assume that your spouse or other family members can make decisions for you. The Federal Health Insurance Portability and Accountability Act (HIPAA) has made this a very unsettled issue among healthcare providers. Make sure your document has appropriate HIPAA release language. Our firm can prepare this document for you.
Living Will – If it is your desire to not be kept alive by artificial means when you are: (1) in the final stage of a terminal illness, (2) in a persistent vegetative state, or (3) suffering from an end-stage condition, from which there is no reasonable medical probability of recovery, you need to have a living will in place. Make sure your document has appropriate HIPAA release language and that you have named someone to “stand in your shoes” for when the time has come.
Medicaid Planning – As elder law is an important part of our practice, we can discuss with you the best way to plan for the future. An increasing number of senior citizens are spending their final years in assisted living facilities (ALF) and nursing homes. Make sure that your family will remain financially secure if this event occurs by becoming knowledgeable now.
IMPORTANT TIP: The time to plan is now. Medicaid currently has a five year “look back” period, which means they can look at your finances for the five years immediately preceding the date you apply for Medicaid. With the cost of ALFs and nursing home facilities ranging anywhere from $5,000.00 to $7,000.00 per month, advance planning is critical. Failure to plan ahead will most likely result in a denial of much needed benefits, and the rapid depletion of a modest estate.
